Eclipse Resources Corporation Announces Termination of its Offer to Exchange Outstanding 8.875% Senior Notes due 2023 for New 9.00% Senior Second Lien Notes due 2023
Eclipse Resources Corporation (NYSE:ECR) (“Eclipse Resources”
or the “Company”) announced today that it has terminated
its previously announced private offer to eligible holders to exchange
(the “Exchange Offer”) any and all of the Company’s
outstanding 8.875% Senior Unsecured Notes due 2023 (the “Existing
Notes”) for the Company’s new 9.00% Senior Secured Second Lien
Notes due 2023 (the “Second Lien Notes”).
The Exchange Offer was set to expire at 11:59 p.m., New York City time,
on February 18, 2016 (the “Expiration Date”). Prior to the
Expiration Date, the Company elected to terminate the Exchange Offer
pursuant to the terms and conditions set forth in the Company’s
confidential offering memorandum, dated January 21, 2016. As a result of
the termination of the Exchange Offer, no Existing Notes will be
accepted for exchange, and all Existing Notes tendered and not
previously withdrawn pursuant to the Exchange Offer will be promptly
returned to their respective holders.
Eligible holders of the Existing Notes may contact the information agent
for the Exchange Offer, D.F. King & Co., Inc., at (800) 511-9495
(toll-free) or (212) 269-5550 (for banks and brokers), or via the
following website: http://www.dfking.com/ecr,
with any questions regarding the termination of the Exchange Offer.
The Company may, from time-to-time and subject to market conditions,
repurchase Existing Notes in open market or privately negotiated
transactions.
About Eclipse Resources
Eclipse Resources is an independent exploration and production company
engaged in the acquisition and development of oil and natural gas
properties in the Appalachian Basin, including the Utica and Marcellus
Shales.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of federal securities laws. Such forward-looking
statements are subject to a number of risks and uncertainties, many of
which are beyond the Company’s control. All statements,
other than historical fact included in this press release, are
forward-looking statements. All forward-looking statements speak
only as of the date of this press release. Although the Company
believes that the plans, intentions and expectations reflected in or
suggested by the forward-looking statements are reasonable, there is no
assurance that these plans, intentions or expectations will be achieved.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such statements.
The Company cautions you that these forward-looking statements are
subject to all of the risks and uncertainties, most of which are
difficult to predict and many of which are beyond the Company’s control,
incident to the exploration for and development, production, gathering
and sale of natural gas, natural gas liquids and oil. These risks
include, but are not limited to, legal and environmental risks, drilling
and other operating risks, regulatory changes, commodity price
volatility, inflation, lack of availability of drilling, production and
processing equipment and services, counterparty credit risk, the
uncertainty inherent in estimating natural gas, natural gas liquids and
oil reserves and in projecting future rates of production, cash flow and
access to capital, risks associated with the Company’s level of
indebtedness, the timing of development expenditures and the other risks
described in the Company’s filings with the Securities and Exchange
Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160212005775/en/
Copyright Business Wire 2016